Growth hard to come by for Justdial

Justdial, an online database listing company that raised Rs 950 crore when it sold shares for the first time in May 2013, is now trading below its listing price.Jwalit Vyas | ET Bureau | February 02, 2016, 09:09 IST

Justdial, an online database listing company that raised Rs 950 crore when it sold shares for the first time in May 2013, is now trading below its listing price.

After making a high of Rs 1,800 in mid-2014, Justdial’s stock has declined steadily due to consistently weak results and high valuations.

On Monday, the stock fell 6.8% to close at Rs 566.60 on the NSE. The shares dropped 7% to Rs 565.90 on the BSE.

During the initial public offering, which was subscribed 12 times, the shares had been sold to institutional investors at Rs 530 each. On June 5, 2013, the first day of trading, the shares opened at Rs 590 and closed at Rs 611.45 on the BSE.

Given the weak outlook for the company, investors may want to exit, analysts said.